year, but only a few and the hoped for Clair field development remains on ice, having been stopped a year ago. Just now, Mobil is out there on the Frontier, working with the Jack Bates, a deepwater capability [...] that interest is waning against a background of low oil prices, higt exploration and development costs, and the fact that the area has not been as prilific as the industry had hoped. At last the door is open [...] semisubmersible which the oil company summarily dumped a few months ago, alleging deficiences and threatening litigation. The Bates is close to the new boundary and started the 214/4-1 well on April 26. Wood

studies over the coming months. If we see hydrocarbon production on the Faroe Shelf in the future, the local industry will also face a new challenge with a marked increase in activity. According to the Faroese [...] general impression is that the activities on the whole have been carried out in a satisfactory manner. However I still think that this conference is a good forum for dialog between the parties involved, [...] One year ago I had the privilege to open the first Offshore Faroes conference, and I am honoured to be invited back this year. Last year we were on the brink of a new industry in the Faroese context. Today

Sea for some time.« ASCO is another oil support services company where the accent is very much on growth. Colin Manderson, the chief executive, hoped to be at the helm of the first Scottish company to [...] offering) in 2001 but the plans to list on the New York Stock Exchange were shelved as the OSX oil services index went south. Manderson has been concentrating on continuing to build ASCO into a truly global oil [...] repositioning itself as a fully integrated exploration and production (E&P) company with a focus on active exploration. Roots Gas is another recently formed E&P company which is concentrating on buying producing

glasses perched on your head They were all a part of you. The light step, the twinkling eyes The charming smile as you spoke to someone The laughter in your voice as you shared a joke at a party Your actions [...] importance The courage and determination you showed The keen interest in your work The dedication to Føroya Handilsskúli They were all a part of you. But what I most cherish about you Klæmint Is the love and [...] your friends The unquestioning faith you had in them The ready listening ear, the comforting hand on the shoulder The willingness to listen to another?s distress and the care you gave The principled way

active in the exploration for oil and gas on the Faroese Shelf. Sosialurin, founded in 1927, is the biggest newspaper in the Faroe Islands. Sosialurin has focused on the Oil and Gas industry for the last 30 [...] on the back of the UK Schiehallion and Foinaven discoveries, and following the boundary agreement between the UK and the Faroese in 1999 the industry embarked on exploring the Faroese shelf with no less [...] to see what the William well might uncover. In the meantime the Faroese can take some comfort in the fact that the UK Rosebank discovery operated by Chevron seems to be a success. This could mean a lot to

hydrocarbon issues: “A general debate has been on a proposed new energy policy, and a new power legislation Act was passed during the last sitting. The overriding aim for a new energy policy is that within 2015 [...] which has been agreed for the Faroe area and the drillings on the UK side of the border, we estimate there is a growing interest for the area west of Shetland and thereby also for the Faroe area”. [...] --------- During the debate of the PM’s speech, which he held to the nation on the national holiday the 29th of July, the Minister for hydrocarbon affairs, Mr Bjarni Djurholm had the following comments

g, the size of the country is what makes it so full of opportunities for a person to shape life as he or she pleases. And coming in as an outsider is no barrier to fitting in and utilizing what the country [...] it’s just too far away, and isn’t the crime rate pretty high over there? Oh, but it’s great that you’re doing it! Living the American Dream!” In the reality of what is the United States, I have not yet e [...] known than his first-rate public policies and most everything else he has done, there is something very sympathetic, yet brilliant about the man. Even now, when the spotlight is on his wife, he still stands

disposed towards Britain. There is nothing dishonourable about this. It is a normal tool of diplomacy. But it does put the onus on the Faroese to decide what they want out of the relationship and to pursue [...] Governsment?s aim is fullveld (sovereignty status?) of a reshaping of the relationship between nations in the Danish Kingdom (Ríksfelagskap). The British Empire is no more although the Faroese could have [...] relationship it is ennential that the Faroese to not remain passive partners waiting to be swept along by the British agenda. For a start they could take the initiative in forming links with the new Scottish

taxation on crew?s wages. The objective of the FAS arrangement is that the shipping companies get refunded a part of the wages paid to their employees. The objective of the special rules for taxation on crew [...] order to be covered by FAS it is also necessary that the ship owner in question is a resident in the Faroe Islands. If the ship owner is a company it has to be registered in the Faroe Islands and its real [...] place. Also in this case it is only the part of 500,000 DKK or less that is reduced. The taxable income assessed like this is taxed in accordance with the ordinary tax rates. The same applies to limited tax

signed a new dual taxation agreement, which will come into force on the 1st of January 2008, after it supposedly is passed both by the UK and Faroe parliaments. Satisfied minister The Faroe minister is very [...] Which country shall receive the tax revenue? The country where the pension receiving person lives or the country in where the pension fund is located? This is just one of the many questions which must be [...] increase the interest to work and operate in the Faroes The issue is very often raised; there is nothing as unclear as taxation systems, and when considerations have to be taken regarding the tax systems